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Revenue Act of 1916: Difference between revisions
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The [[United States]] '''Revenue Act of 1916''', (ch. 463, {{USStat|39|756}}, September 8, 1916) raised the lowest [[income tax]] rate from 1% to 2% and raised the top rate to 15% on taxpayers with incomes above $2 million (${{Formatprice|{{Inflation|US|2000000|1916}}}} in {{inflation-year|US}} dollars). Previously, the top rate had been 7% on income above $500,000 (${{Formatprice|{{Inflation|US|500000|1916}}}} in {{inflation-year|US}} dollars). The Act also instituted the federal [[Estate tax in the United States|estate tax]].<ref>Revenue Act of 1916, section 201, Ch. 463, 39 Stat. 756, 777 (Sept. 8, 1916).</ref> | The [[United States]] '''Revenue Act of 1916''', (ch. 463, {{USStat|39|756}}, September 8, 1916) raised the lowest [[income tax]] rate from 1% to 2% and raised the top rate to 15% on taxpayers with incomes above $2 million (${{Formatprice|{{Inflation|US|2000000|1916}}}} in {{inflation-year|US}} dollars). Previously, the top rate had been 7% on income above $500,000 (${{Formatprice|{{Inflation|US|500000|1916}}}} in {{inflation-year|US}} dollars). The Act also instituted the federal [[Estate tax in the United States|estate tax]].<ref>Revenue Act of 1916, section 201, Ch. 463, 39 Stat. 756, 777 (Sept. 8, 1916).</ref> | ||
The entry of the United States into | The entry of the United States into World War I greatly increased the need for revenue. | ||
An [[excess profits tax]] was introduced and the modern [[estate tax]] was imposed. | An [[excess profits tax]] was introduced and the modern [[estate tax]] was imposed. | ||